These frequent tax code changes are disrupting my long-term investment strategies. Are there ways to structure my investments to be more resilient to potential tax code modifications?
Tax code changes taught me to you can build resilience into my portfolio. Diversification is key! My set manager helped me spread my investments across different asset classes like stocks, bonds, and real estate so that a positive tax code cha age here can help minimize the impact of aa negative tax code change there adjustments.
I agree. Based on personal experience working with a financial manager, I currently have ($2million) in a well-diversified portfolio that has experienced exponential growth from when i started. It's not only about having money to invest in stocks, but you also need to be knowledgeable, persistent, and have strong hands to back it up.
I have “Rebecca Nassar Dunne’” as my investment manager. She has a solid reputation when it comes to diversifying portfolios and making. Them less vulnerable to market downturns. She may be a name you are already familiar with from Newsweek.
Thanks for sharing. I curiously searched for her full name and her website popped up after scrolling a bit. I looked through her credentials and did my due diligence before contacting her. Once again many thanks
Tax laws can be so complex, and it’s super helpful to break them down like this. Understanding how different policies can impact our finances is crucial for making informed decisions.
Making profitable investments during this time of political change can be risky without that insight. For me, working with an adviser is the best first step to navigate these complexities and make informed choices.
I think having an investment advisor is the way to go. I've been with one because I lack the expertise for the market. I made over $490K during the recent dip, highlighting that there's more to the market than we average folks know.
I don't know how I stumbled on to your content Gabrielle but I so appreciate the Canadian based information, the details, and how you summarized the information. This is a big contribution and help for so many Canadians. Continued success!
Thank you for this video!!! So helpful in understanding more of the tax code. You helped in this video more than my accountant had in the last two years. As an artist who is self-employed and works short term contracts, I appreciate this so much!
Iromically, my yheraist announced that the fee goes ip by $15/hr in April. So money saved by no HST has just been transferred to my counsellor rather than my pocket.
Your video found me and honestly, instant follow. This was a great video and very informative. Would love to see some videos detailing a tax breakdown for contract workers in Canada/Ontario. Write offs/tax breaks, HST payments, CPP/EI contributions and how to budget on a wavering income. Thank you so much ❤
Another notable change is that the faster "flat rate method" for calculating "T777S Statement of Employment Expenses for Working at Home Due to COVID-19" was temporary, and only applies to 2022 but got discontinued for 2023
Very good and informative video. The only thing that unless the rules changed relatively recently, i noticed is that you should clarify that with the FHSA, only a maximum of $8k from the previous year can be carried forward so if you open a FHSA in 2023 and don't contribute for 4 years and then in 2027 you can't contribute $50k, you can only contribute $16k (this is unlike the TFSA where you can carry forward the previous unused accumulated amount).
You are right. Those with airbnb's are shocked by the changes. Sometimes the over contribution penalties also surprise people, when they start contributing more as they get older.
@7:30 I believe that the FHSA withdraw is the $40k (contributions) plus growth, so that (hopefully) the tax free withdraw would be substantially more than just $40k!
Dont forget they take a quator of your income, then you goto the store and pay more taxes, food prices being higher also means that percentage they take costs you more as well.
I agree with everyone saying it’s great to finally find pertinent and concise information for Canadians! I subscribed after a few seconds. I’m from Quebec. So if you could include more info/data for that province amongst the others, that would be super appreciated! Thank you!!
Your content is super useful, to the point and beneficial for all Canadians. Thank you for your time & effort that you put into making these much needed videos. If you could speak a little more calmly & clearly it would be much appreciated. I found my brain was racing to catch up with the speed of your speech and processing the info efficiently. Please don't stop though. Your content is much needed & appreciated by Canadians.
Great info👍 just too painful for us, with the amount of tax being deducted to us, We are working so hard to earn those income. We are already having tax deduction every pay check plus another tax deduction based on the total yearly income😢
@@niakum7813 During the Harper years, taxes were thenlowest for our national corporate general taxes, and almost the same for personal taxes. What does that mean? Normal people got basically nothing, while millionaires got tax cuts. Yeah, Conservatives are really helpful.
Amazing video, A friend of mine referred me to a financial adviser sometime ago and we got talking about investment and money. I started investing with $120k and in the first 2 months , my portfolio was reading $274,800. Crazy right!, I decided to reinvest my profit and gets more interesting. For over a year we have been working together making consistent profit just bought my second home 2 weeks ago and care for my family.
@CarolineBrooklyn Quitting may not be the best approach if you ask me. This is where an AI comes into the picture. I barely have time to trade myself as my job swallows up most of my time. MARGARET MOLLI ALVEY, a licensed fiduciary whom has made me over 5 figures in profit in less than seven months, handles my investments. I could leave you a lead if you need help.
@CarolineBrooklyn MARGARET MOLLI ALVEY her trading strategies is working for me for more than a year now and I’m making good profit from the stock market and she's 100% honest, reputable and trustworthy
Hello Gabrielle, for the FHSA and TFSA, are these savings done from gross income? Im trying to understand how the tax saving is derived. Thanks for your response or anyone else.
TFSA: you invest after tax income and all growth is yours tax free. So you put in $1000 and it's a great investment, and it grows to $20,000 in how ever many years, you can take it all out with out passing a nickle in tax. Since it's after tax money, you've already been taxed on it through income tax, so net income not gross income. Fhsa: in less sure about this one but it's a very good plan also for first time home buyers. My daughter is using it and tells me it's like a combination of TFSA and the RRSP but I'm not sure what exactly that means. Look into the details of you are saving for your first home.
Thanks for the detailed information. The FHSA is a complete joke though since $40k doesn't even put a dent in a down payment in this country anymore. There are two types of people in this country. People who already own their homes and people who have so much money that they don't need to bother with an FHSA to buy their first home.
what's the Benefit of making a lot more money when you get taxed on a higher rate. all i can see is the only benefit is more rrsp room so you wouldn't be taxed as much for now. great video by the way.
The main benefit of making a lot more money, even if you pay more tax on that money, is that you get to keep a lot more money. For most people, perhaps you aren’t one of them, more money to spend or save is beneficial.
Question is there a limit in how much of my RRSP contribution room can I deduct in one year? I have 60K in contribution room. Theoretically if I could put it all in to RRSP in one year could I use the full amount as a tax deduction in one year? If not where do I find limits?
Technically, yes, you can contribute the entire $60K amount and deduct it from the 2023 tax year. RRSP contribution room that you accumulate is carried forward to subsequent years. It would be a strategic move, especially if you are in higher tax brackets, to maximize rebates. Alternatively, consider spreading the contribution over a few years to take advantage of the higher tax brackets. Let's have Gabrielle confirm this, just to be sure :)
Thank you!!! I do hope the CRA will have an automatic tax filing when you have a one source of income, like an employee's or retiree's salary. That will makes our life easier as software's for tax fillings are getting more expensive, also the tax consultants. Please let us know if this is available.
No! I most certainly Do not want The CRA autofiling my taxes ever. There's many deductible items, that the CRA would not be aware of unless you claim and submit for those deductions. The CRA, claims to not be part of the Federal Government. BS to that. The Federal Government is pushing for this because it is a hidden way to make it so we would lose a number of the deductible items without saying it directly.
Let's get one thing out of the way right now....The CPP IS a tax... Most people think they can retire on CPP and OAS alone but it's meant to be an SUPPLIMENT of your retirement investments...not your actual retirement. My issue with the CPP is that if you die before you start collecting or just start to collect, that amount goes back into the government coffers. The only way you benefit from CPP is if you live for 15+ years once you start collecting it.... Take the amount that you contribute to CPP and invest into ANYTHING outside the government and when you die, your estate will get the remainder. As it stands now, it goes right back to the government. If you contribute on average $2500-$3000/year to the CPP for 40 years...you will have contributed around $100-$120 thousand. You collect a small pittance monthly determined by the government. You invest that EXACT same amount, starting at the exact same time and if you do it right, you'll have 100's of thousands more which will outlive you...and then any extra left over when you die goes to whoever you want...TAX FREE. The other issue I have now is that anyone earning ~70K a year, pays more...but get's NOTHING in return....Those folks are basically funding everyone else.
This is the thing the Gov has never specified to people retiring. It’s a sad affair, as a persons income drops drastically while all things keep going up, such as housing, food, basic needs funeral, etc. and many still want to live they lovely lifestyle the had become used too. CCP, It’s pocket change. Many people have to continue working, either full time or part time, if there is no other income or that they did not put enough away, or have investments , Not many people earners above 55k, and some are at 29k - poverty. Finance should be taught along with math.
Thanks for responding. How to reduce my tax or how to make a good return out of it and many more. TFSA, RRSP, AND other investments I want to learn as well
No, it is considered income you received. It is added to your yearly taxable income. You will not only have to pay the penalty to the bank but income taxes on what you withdraw.
Nothing was said about the 36% you lose when you retired before 65 .I am facing that right now,and nobody seems to know how to help people out like us at 60 .
It's true that you will loose "36%". But have you ever thought that if you die before 65, you will loose all. Moreover, if you use that money to invest, you can earn more than that 36%. Also, you get more money in the rest of your life because you receive the money earlier. Anyway, it also depends on each situation. Each person have a specific needs that need to determine if you should get CPP earlier -> that's why you need a financial advisor.
Hi, im such a newbie to all of this so would love if someone could it explain it to me. What would be the benefit of a person making an average wage(lets say $30-50k per year) contributing to their TFSA as opposed to just putting that money in to your normal chequing account in your bank?
What’s the rate of return on your chequing account? Next to nothing. If you have money you can earmark for future use, put it in a TFSA and then you can buy investments inside your TFSA that grow tax free- capital gains, interest, dividends, are not taxed. I like index funds. The market returns an average of 10% per year.
Great video! Thank you! I have been missing tax information, specifically Canadian. Most info these days on finance seems to be USA targeted I find. Specially with finance books. If you have any books you can recommend on Canadian Finance I would love to know!
I feel like nothing is gonna chance with short term rentals. What if I do a long term rental to a buddy while covering all the costs and he sublets for short term (no expenses on his end)? How is the govt gonna catch that
Saving money to buy a home? What home? No one can buy anything with those housing prices and low salaries. I could buy a mansion back home with the price they charge for a regular house here 🤷🏻♀️
These frequent tax code changes are disrupting my long-term investment strategies. Are there ways to structure my investments to be more resilient to potential tax code modifications?
Tax code changes taught me to you can build resilience into my portfolio. Diversification is key! My set manager helped me spread my investments across different asset classes like stocks, bonds, and real estate so that a positive tax code cha age here can help minimize the impact of aa negative tax code change there adjustments.
I agree. Based on personal experience working with a financial manager, I currently have ($2million) in a well-diversified portfolio that has experienced exponential growth from when i started. It's not only about having money to invest in stocks, but you also need to be knowledgeable, persistent, and have strong hands to back it up.
Your manager must be really good. How I can get in touch? My retirement portfolio's decline is a concern, and I could use some guidance.
I have “Rebecca Nassar Dunne’” as my investment manager. She has a solid reputation when it comes to diversifying portfolios and making. Them less vulnerable to market downturns. She may be a name you are already familiar with from Newsweek.
Thanks for sharing. I curiously searched for her full name and her website popped up after scrolling a bit. I looked through her credentials and did my due diligence before contacting her. Once again many thanks
Tax laws can be so complex, and it’s super helpful to break them down like this. Understanding how different policies can impact our finances is crucial for making informed decisions.
Making profitable investments during this time of political change can be risky without that insight. For me, working with an adviser is the best first step to navigate these complexities and make informed choices.
I think having an investment advisor is the way to go. I've been with one because I lack the expertise for the market. I made over $490K during the recent dip, highlighting that there's more to the market than we average folks know.
Hmmm this is quite interesting, Please can you leave the info of your investment advisor here? I’m in dire need for one.
Nicole Anastasia Plumlee can't divulge much. Most likely, the internet should have her basic info, you can research if you like.
I just googled her and I'm really impressed with her credentials; I reached out to her since I need all the assistance I can get.
I don't know how I stumbled on to your content Gabrielle but I so appreciate the Canadian based information, the details, and how you summarized the information. This is a big contribution and help for so many Canadians. Continued success!
Hard to find canadian spefcific finance content, please continue doing more of these
Seriously, I’m so glad this popped up. US stuff is everywhere and not useful for me but this is ☺️
I agree
Time STAMP ⏲️ 🏡 🍁
NEW changes 1.02
TFSA 3:16
RRSP 4:38
FHSA 6:23
CPP 8:04
Tax Brakcets 10:49
7:37 the FHSA is an investment account, meaning it can grow beyond the 40k. If it grows to 50-60k or more then you can use the full amount.
Was wondering about this. Ty
Of course. And if you don't buy a home, it can get converted into an RRSP.
I didn’t hear it but FHSA is limited to 15 years at which point it must be used or transferred to rrsp
does it really meake a dent though when homes are a million range in t.o
can u use it after u purchase ur first home ot pay off mortageg@@TheNewGreenIsBlue
Your channel is truly a help for many Canadians.
Crisp and straight to the point.. Thank you!
Thank you, I literally paused the video and submitted an application for a FHSA account. I didn’t know it existed!
Thank you for this video!!! So helpful in understanding more of the tax code. You helped in this video more than my accountant had in the last two years. As an artist who is self-employed and works short term contracts, I appreciate this so much!
Thank you. We need more Canadian content like this! 🍁
We are near the deadline for RRSP contribution and your video popped up on my recommendation; soooo timely! Thank you for this video
perfect, make sure to watch my new video going live tmrw for RRSPs!
Follow the money trail!!!!
Iromically, my yheraist announced that the fee goes ip by $15/hr in April. So money saved by no HST has just been transferred to my counsellor rather than my pocket.
Your video found me and honestly, instant follow. This was a great video and very informative.
Would love to see some videos detailing a tax breakdown for contract workers in Canada/Ontario. Write offs/tax breaks, HST payments, CPP/EI contributions and how to budget on a wavering income.
Thank you so much ❤
TFSA is greatest underrated saving tool in Canada 🇨🇦!
I'm young and no parents to teach me taxes so this kind of stuff is super helpful!
Then make sure you understand what she said and don't assume anything!!!
Another notable change is that the faster "flat rate method" for calculating "T777S Statement of Employment Expenses for Working at Home Due to COVID-19" was temporary, and only applies to 2022 but got discontinued for 2023
I would prefer each point to have an example of how and when to use TFSA vs RRSP. THX FIR TGE INFO!
Very good and informative video. The only thing that unless the rules changed relatively recently, i noticed is that you should clarify that with the FHSA, only a maximum of $8k from the previous year can be carried forward so if you open a FHSA in 2023 and don't contribute for 4 years and then in 2027 you can't contribute $50k, you can only contribute $16k (this is unlike the TFSA where you can carry forward the previous unused accumulated amount).
Can you break down the income brackets for each province?
You are right. Those with airbnb's are shocked by the changes. Sometimes the over contribution penalties also surprise people, when they start contributing more as they get older.
@7:30 I believe that the FHSA withdraw is the $40k (contributions) plus growth, so that (hopefully) the tax free withdraw would be substantially more than just $40k!
Yes, i did mention "original" contributions being 40k!
This is important to clarify. Video says "withdrawal" is $40k in FHSA as compared to $35k in RRSP. That is incorrect.
@mercuryelite can you clarify what is incorrect?
@@GabrielleTalksMoneylol I don’t think so 😂
@@GabrielleTalksMoneywhat an excellent tip I didn’t get how to use the FHSA and dismissed my banker when she tried to bring it up! Thank you 🙏
Fantastically succinct explanation! Also, the graphics and little examples were pretty helpful.
Subscribed. Thank you 🍁
Graphs change every year and so those numbers!!!!
This is great. I will be directing clients to this video thank you!
Dont forget they take a quator of your income, then you goto the store and pay more taxes, food prices being higher also means that percentage they take costs you more as well.
What a wealth of knowledge thanks so much for putting this together
you're welcome :)
New subscriber. I love seeing young people making their mark in Canada. Very professional.
Succinct, to to the point, and very useful! Thanks, Gabrielle!
I agree with everyone saying it’s great to finally find pertinent and concise information for Canadians! I subscribed after a few seconds.
I’m from Quebec. So if you could include more info/data for that province amongst the others, that would be super appreciated! Thank you!!
This is a very informative, educational tool for people like me who don’t understand taxes no matter how I wrap my head around it! 😂
Nice to have specific Canadian content around education for taxes. I just sub’d. Thanks for posting.
This should be a mandatory watch in Canada
Mandatory? Really, are we not in Canada? Since when has watching a video, need to be made mandatory?
1:24 NIIIICE hope this reduces the ammount of people willing to buy a condo to rent out
Your content is super useful, to the point and beneficial for all Canadians. Thank you for your time & effort that you put into making these much needed videos. If you could speak a little more calmly & clearly it would be much appreciated. I found my brain was racing to catch up with the speed of your speech and processing the info efficiently. Please don't stop though. Your content is much needed & appreciated by Canadians.
Very well articulated. Nicely done.
Great info👍 just too painful for us, with the amount of tax being deducted to us, We are working so hard to earn those income. We are already having tax deduction every pay check plus another tax deduction based on the total yearly income😢
You vote for liberal and NDP this is what you get
@@niakum7813c'mon
@@niakum7813 glad didn’t voted them.
@@niakum7813 During the Harper years, taxes were thenlowest for our national corporate general taxes, and almost the same for personal taxes. What does that mean? Normal people got basically nothing, while millionaires got tax cuts.
Yeah, Conservatives are really helpful.
@mikewilson1641 During Harper, we had the hope of being homeowners. Conservatives are great, and that's why we will bring them back.
This is really good info. The max limit of 40K in the FHSA however, is completely absurd, as many down payments on houses are over 40K...
Amazing video, A friend of mine referred me to a financial adviser sometime ago and we got talking about investment and money. I started investing with $120k and in the first 2 months , my portfolio was reading $274,800. Crazy right!, I decided to reinvest my profit and gets more interesting. For over a year we have been working together making consistent profit just bought my second home 2 weeks ago and care for my family.
@CarolineBrooklyn Quitting may not be the best approach if you ask me. This is where an AI comes into the picture. I barely have time to trade myself as my job swallows up most of my time. MARGARET MOLLI ALVEY, a licensed fiduciary whom has made me over 5 figures in profit in less than seven months, handles my investments. I could leave you a lead if you need help.
@CarolineBrooklyn MARGARET MOLLI ALVEY
Lookup with her name on the webpage
@CarolineBrooklyn MARGARET MOLLI ALVEY her trading strategies is working for me for more than a year now and I’m making good profit from the stock market and she's 100% honest, reputable and trustworthy
Hello Gabrielle, for the FHSA and TFSA, are these savings done from gross income? Im trying to understand how the tax saving is derived.
Thanks for your response or anyone else.
TFSA: you invest after tax income and all growth is yours tax free. So you put in $1000 and it's a great investment, and it grows to $20,000 in how ever many years, you can take it all out with out passing a nickle in tax. Since it's after tax money, you've already been taxed on it through income tax, so net income not gross income.
Fhsa: in less sure about this one but it's a very good plan also for first time home buyers. My daughter is using it and tells me it's like a combination of TFSA and the RRSP but I'm not sure what exactly that means. Look into the details of you are saving for your first home.
Thank you so much for this receive. I have made them twice and each time perfect. 🇨🇦
Thanks for the detailed information. The FHSA is a complete joke though since $40k doesn't even put a dent in a down payment in this country anymore. There are two types of people in this country. People who already own their homes and people who have so much money that they don't need to bother with an FHSA to buy their first home.
what's the Benefit of making a lot more money when you get taxed on a higher rate. all i can see is the only benefit is more rrsp room so you wouldn't be taxed as much for now.
great video by the way.
Income tax based on progressive tax rate. It is not a flat rate 😂
The main benefit of making a lot more money, even if you pay more tax on that money, is that you get to keep a lot more money. For most people, perhaps you aren’t one of them, more money to spend or save is beneficial.
You could make 200k but 600k in debt @@tristanraphael5105
@@tristanraphael5105 i'm at the bottom of middle class. my rent is half my income.
Super video! Fantastic job Gabrielle!
This is amazing. Thank you so much for taking the time to make this video!!!
you're welcome!
Thank you 🙏 happy to find a Canadian financial analyst ❤
Wish this type of video exists specifically for SMB owners too who aren’t on T4 as much
Thanks, useful information! I didn't know that you can carry forward unused FHSA room.
Any notes on T3s and reporting Bare Trusts? For folks who got help on the mortgage from their parents?
If the parents just gave money it wouldn’t apply. They’d need to have their names on the house deed.
Do you have videos on family trust?
Short and concise. Great Video again. Thank you Gabrielle!
Thank you!
@@GabrielleTalksMoney Yup, excellent value-for-time ratio.
to be fair outside doctor and government official its rare to do over 100k...and even those are often at 80 to 95k
Are there any strategies to minimize the tax impact on dividends earned in a non-registered account?
What about the new “bare trust” agreements??? Can you shed some light on this as it’s new this year?
this was insanely helpful for someone who is just learning about all this! thank you!!
Question is there a limit in how much of my RRSP contribution room can I deduct in one year? I have 60K in contribution room. Theoretically if I could put it all in to RRSP in one year could I use the full amount as a tax deduction in one year? If not where do I find limits?
Technically, yes, you can contribute the entire $60K amount and deduct it from the 2023 tax year. RRSP contribution room that you accumulate is carried forward to subsequent years. It would be a strategic move, especially if you are in higher tax brackets, to maximize rebates. Alternatively, consider spreading the contribution over a few years to take advantage of the higher tax brackets. Let's have Gabrielle confirm this, just to be sure :)
This is beter than having to ask my accountant wife. I can pause this when needed 😅.
I didn't have the FHSA, I had to use HBP. Too bad👎 Paying back my RRSP is just more forced savings, so nbd.
Very clear explanation of the various tax exemptions. Thank you!
Thank you!!! I do hope the CRA will have an automatic tax filing when you have a one source of income, like an employee's or retiree's salary. That will makes our life easier as software's for tax fillings are getting more expensive, also the tax consultants. Please let us know if this is available.
No! I most certainly Do not want The CRA autofiling my taxes ever.
There's many deductible items, that the CRA would not be aware of unless you claim and submit for those deductions.
The CRA, claims to not be part of the Federal Government. BS to that.
The Federal Government is pushing for this because it is a hidden way to make it so we would lose a number of the deductible items without saying it directly.
Let's get one thing out of the way right now....The CPP IS a tax...
Most people think they can retire on CPP and OAS alone but it's meant to be an SUPPLIMENT of your retirement investments...not your actual retirement.
My issue with the CPP is that if you die before you start collecting or just start to collect, that amount goes back into the government coffers. The only way you benefit from CPP is if you live for 15+ years once you start collecting it....
Take the amount that you contribute to CPP and invest into ANYTHING outside the government and when you die, your estate will get the remainder. As it stands now, it goes right back to the government.
If you contribute on average $2500-$3000/year to the CPP for 40 years...you will have contributed around $100-$120 thousand. You collect a small pittance monthly determined by the government.
You invest that EXACT same amount, starting at the exact same time and if you do it right, you'll have 100's of thousands more which will outlive you...and then any extra left over when you die goes to whoever you want...TAX FREE.
The other issue I have now is that anyone earning ~70K a year, pays more...but get's NOTHING in return....Those folks are basically funding everyone else.
This is the thing the Gov has never specified to people retiring. It’s a sad affair, as a persons income drops drastically while all things keep going up, such as housing, food, basic needs funeral, etc. and many still want to live they lovely lifestyle the had become used too.
CCP, It’s pocket change. Many people have to continue working, either full time or part time, if there is no other income or that they did not put enough away, or have investments , Not many people earners above 55k, and some are at 29k - poverty.
Finance should be taught along with math.
I really want to learn the taxation here in Canada. Trying to make the best way of reducing expenses and paying excessive taxes
what would you like to learn?
Thanks for responding. How to reduce my tax or how to make a good return out of it and many more. TFSA, RRSP, AND other investments I want to learn as well
Can you please discuss the separation from ON QC and the test of Canada's CPA licensing? It seems insane.
Very good and helpful presentation. Thanks!
Ridiculous how much tax we pay, cpp amount is also crazy
Thanks for the information. The content was good and the pace was good.
This was really great/useful, hope you make a video for every year to come!
definitely, you are korean, thank you for your all effort
My gross revenue is $30k a year. How much federal taxes should i pay if any? Live in NS.
why they are deducting cpp for temporary resident ?
can you mention quebec tax brackets. thank you
Thank you for the information Gab. I need an accountant like you.
Go over 2024 tax benefits I'd love to hear if there was any changes made or not
When you withdraw $$ from your RRSP the bank dedicate 10% of your withdrawal. Is that 10% considered as tax deductible?
No, it is considered income you received. It is added to your yearly taxable income. You will not only have to pay the penalty to the bank but income taxes on what you withdraw.
Great video, but i think you need to adjust your microphone. It sounds fuzzy when you rasie your voice. 💖
Thanks for clarifying. Is it possible to explain the new trust rules for '24?
Very informative and helpful
Nice to have canadian content. Thank you! New sub 🎉🎉
Thank you for this. Very informative. Liked and followed.
I am an American and I have no interest in Canadian tax code, but I still enjoy the show.
Nothing was said about the 36% you lose when you retired before 65 .I am facing that right now,and nobody seems to know how to help people out like us at 60 .
It's true that you will loose "36%". But have you ever thought that if you die before 65, you will loose all. Moreover, if you use that money to invest, you can earn more than that 36%. Also, you get more money in the rest of your life because you receive the money earlier. Anyway, it also depends on each situation. Each person have a specific needs that need to determine if you should get CPP earlier -> that's why you need a financial advisor.
What is the last date of filing tax returns?
Gab's the most good-looking accountant I've come across!
😊 😊
TFSA question, if you took out an amount lets say 500K, would this amount be added to the contribution room next year?
How do I know that my taxes were filed correctly?
Hi, im such a newbie to all of this so would love if someone could it explain it to me. What would be the benefit of a person making an average wage(lets say $30-50k per year) contributing to their TFSA as opposed to just putting that money in to your normal chequing account in your bank?
What’s the rate of return on your chequing account? Next to nothing. If you have money you can earmark for future use, put it in a TFSA and then you can buy investments inside your TFSA that grow tax free- capital gains, interest, dividends, are not taxed. I like index funds. The market returns an average of 10% per year.
What about fixing the housing shortage by cracking down on rental housing in general! And what about the rest of Canada?
Can you do you do each Provincial taxes. Not everyone lives in BC or ON.
Can someone please summarize this to tiptoe length
You just got a new Sub madam CPA 🙂👍👍
Great video! Thank you! I have been missing tax information, specifically Canadian. Most info these days on finance seems to be USA targeted I find. Specially with finance books.
If you have any books you can recommend on Canadian Finance I would love to know!
I feel like nothing is gonna chance with short term rentals. What if I do a long term rental to a buddy while covering all the costs and he sublets for short term (no expenses on his end)? How is the govt gonna catch that
Can you do a video on estate planning?
Please show us the best management RRSP plan for retirement?
Excellent video as usual from Gabriella! Thank you so much!
Thank you for this very helpful video! Will subscribe.
So well explained. Thank you so much!
Government should send every citizen the packet which includes the tax forms AND the instructions to fill said forms!
Saving money to buy a home? What home? No one can buy anything with those housing prices and low salaries. I could buy a mansion back home with the price they charge for a regular house here 🤷🏻♀️
and that's the content creator's doing??? why don't you go ahead and do so then?
This isn’t helpful commentary for this platform.
Nice job, Gabrielle. Thank you.
Clear, concise, well done !!! C. Buie